Citigroup Unveils Major Restructuring, Flattens Management and Axes Committees to Streamline Operations

Citigroup CEO Jane Fraser has unveiled a plan to eliminate 5 layers of management in the bank's largest restructuring in 20 years.

Citi has scrapped its two core operating units and reorganized into 5 key business units including trading, banking, services, wealth management, and US consumer offerings.

The bank has also axed 60 management committees to cut costs and streamline operations.

Citi reported $20.14 billion in revenue for Q3, beating expectations and jumping 9% year over year.

Fraser said the changes will allow Citi to operate faster, better serve clients, and unlock value for shareholders.